Core Viewpoint - The A-share market has entered a structural bull market characterized by a significant rise in technology stocks, while traditional value stocks have underperformed, leading to a divergence in investment strategies [1][2]. Group 1: Market Trends - Since the "9·24" event last year, the rapid development of artificial intelligence has catalyzed a bull market in technology stocks, with "small-cap" stocks experiencing substantial gains [1]. - As of September 25, 2023, "small-cap" stocks in the communication and electronics sectors have risen by 67.91% and 53.58% respectively, while traditional blue-chip sectors like coal and food & beverage have declined by 6.70% and 5.64% [2]. Group 2: Investor Performance - Notable investors like Lin Yuan and Ren Zesong have struggled to keep pace with the market, with Lin Yuan's products underperforming and even recording losses this year [3][4]. - Lin Yuan's private fund products, such as Lin Yuan Investment No. 21, reported a loss of 2.77% this year despite a cumulative gain of 135.88% since inception [4]. Group 3: Investment Strategies - Lin Yuan, who previously avoided technology stocks, has made a small investment in this sector, citing passive allocation as a source of distress [3]. - The investment landscape has shifted from traditional value investing to a focus on technology-driven growth, reflecting a broader change in market dynamics [6][7]. Group 4: Future Outlook - Experts suggest that technology leaders, once they navigate through a complete cycle of "technology-profit-cash flow-dividend/repurchase," will solidify their positions as core assets in the market, akin to past successes like Apple and Nvidia [7].